The local share market is set to open without much momentum this morning. Australian shares don't have their usual leads from Wall Street with US markets closed for Martin Luther King day overnight. European shares were mostly lower yesterday while shares in Asia rose modestly extending gains from Wall Street last week. Meantime, The IMF has once again downgraded its global growth forecast, which may see local shares trade lower today. In its latest World Economic Outlook, the IMF warned risks to global growth include tightening financial conditions, trade tensions between the US and China, a possible "no deal" Brexit, and, a stronger than expected slowdown in China.
On Monday China announced that its official economic growth came in at 6.6 percent in 2018 — the slowest pace in three decades. In the three months to December, the economy grew 6.4 per cent, down from 6.5 per cent in the previous quarter.The data was in line with forecasts but underlines recent concern about weakening growth in the world's second-biggest economy.
MarketsEuropean markets closed mixed: London’s FTSE gained 0.03 per cent, Paris dropped 0.2 per cent and Frankfurt shed 0.6 per cent.
Asian markets closed higher: Tokyo’s Nikkei gained 0.3 per cent, Hong Kong’s Hang Seng increased by 0.4 per cent, and China’s Shanghai Composite rose 0.6 per cent.
Taking all of this into equation, the SPI futures are pointing to a lift of 1 point. Yesterday the Australian share market closed 11 points higher 5,890
Company newsCopper producer, MOD Resources
(ASX:MOD) says it has successfully raised $10 million through an oversubscribed placement. A further $5 million will be raised via a fully underwritten rights issue. The raising comes as MOD confirmed it has received a $0.38/share unbinding indicative takeover proposal from Sandfire Resources. But the board says the proposal undervalues the company's assets. Shares in MOD Resources
(ASX:MOD) last traded at $0.22.
Ex-DividendsMirrabooka Investments
(ASX:MIR) is paying 3.05 cents fully franked
CurrenciesOne Australian Dollar at 7:45AM was buying 71.61 US cents, 55.54 Pence Sterling, 78.53 Yen and 63 Euro cents.
CommoditiesIron Ore futures suggest a lift of 0.6 per cent.
Gold has shed $3.00 to US$1280 an ounce.
Silver has lost $0.11 to US$15.29 an ounce.
Oil has gained $0.18 to US$54.22 a barrel.
